Australian Dollar Climbs To Nearly 8-week High Against US Dollar

After moving sideways in most part of Monday's Asian session, the Australian dollar resumed last week's rally against its US counterpart ahead of the European session.

The Australian dollar climbed to 1.0469 against US dollar around 2:50 am ET, its highest level since January 30 and was also 0.15 percent higher than Friday's close of 1.0452.

With the RSI and MACD staying in bullish territories and the pair is moving well-above its 200-day SMA, extension of an uptrend is likely with 1.0480 seen as the probable resistance level in the near-term.